PASSION. INTEGRITY. RESULTS.

Strategic leadership in crafting investment programs that advance our clients' missions, values and objectives. Strategic leadership in crafting investment programs that advance our clients’ missions, values and objectives.

Angeles Wing MarkerAngeles Wing Marker

Our Insights

  • Book Wrap

    Blog

    Book Wrap

    Time for my semi-annual book perspective. I read a lot of books, but truthfully, most of them I move through pretty quickly. In the non-fiction world, I find many to be one-dimensional, perhaps an int...

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  • Investment Commentary

    Investment Commentary

    Stumble

    Stumble draws on the 1972 Munich Olympics to assess the current market turmoil.

    View Archive VIEW ARCHIVE
  • Book Wrap

    Blog

    Book Wrap

    Time for my semi-annual book perspective. I read a lot of books, but truthfully, most of them I move through pretty quickly. In the non-fiction world, I find many to be one-dimensional, perhaps an int...

    Read More READ MORE
  • Investment Commentary

    Investment Commentary

    Stumble

    Stumble draws on the 1972 Munich Olympics to assess the current market turmoil.

    View Archive VIEW ARCHIVE

Investment Services

  • Investment Overview

    Investment Overview

    In partnership with our clients, we set investment goals and establish a long-term asset allocation framework. We augment traditional...

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  • Outsourced Investment

    OUTSOURCED INVESTMENT OFFICE

    Angeles has been providing discretionary “Outsourced CIO” investment services to our clients since 2002. Today, we work with more than...

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  • General Consulting

    POOLED INVESTMENT STRATEGIES

    World-class public and private investments, typically inaccessible to most institutions due to high minimums, closed status or capacity constraints and complexity...

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  • Wealth Management

    WEALTH MANAGEMENT

    Angeles Wealth Management, LLC was founded to provide wealthy individuals and families with investment advice generally available to...

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  • Investment Expertise

    AREAS OF EXPERTISE

    Endowments & Foundations, Corporations & Insurance, Defined Benefit, Defined Contribution Plans, Private Clients & Permanent Wealth Funds...

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PODCAST

Bloomberg Finance
Bloomberg Finance, John Tucker and Katia Porzecanski discuss the October equity selloff with Michael Rosen, Chief Investment Officer of Angeles Investment Advisors.


AWARDS

  • Angeles Investment Advisors is pleased to announce we were named a 2017 Greenwich Quality Leader in Overall U.S. Investment Consulting among midsize advisors by Greenwich Associates. This award is based on research conducted by Greenwich Associates, a leading provider of advisory services to the financial services industry, based on a national study of over 1,000 institutional investors. Read the full press release here.

  • Greenwich 2017 Quality Leader

Our Senior Team

Investment Officers
  • Michael A. Rosen

    Michael A. Rosen

    Managing Partner & Chief Investment Officer

    Michael has more than 30 years experience as an institutional portfolio manager, investment strategist, and chief investment officer.

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  • Leslie B. Kautz, CFA

    Leslie B. Kautz, CFA

    Managing Partner

    Leslie was a founder of Angeles Investment Advisors in 2001 and of Asset Strategy Consulting in 1991.

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  • Howard D. Perlow, CFA

    Howard D. Perlow, CFA

    Managing Partner

    Howard is a Managing Partner of Angeles Investment Advisors. He co-founded the firm with Leslie and Michael in 2001.

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  • David R. Brief, CFA

    David R. Brief, CFA

    Senior Managing Director

    David Brief is a leading expert in non-profit management with over 25 years of investment experience.

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  • Anna L. McGibbons, CFA

    Anna L. McGibbons, CFA

    Managing Director & Partner

    Anna joined Angeles Investment Advisors at its founding in 2001, and is a partner of the firm.

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  • Shana Barghouti

    Shana Barghouti

    Managing Director & Partner

    Shana joined Angeles Investment Advisors in 2005 and is a partner of the firm.

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  • Brandon Pevnick, CFA, CPA

    Brandon Pevnick, CFA, CPA

    Investment Officer

    Brandon works with foundations, endowments and other institutional portfolios.

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  • Michael J. Burlon

    Michael J. Burlon

    Director, Hedge Funds & Partner

    Michael joined Angeles Investment Advisors in 2010 as a Hedge Fund Research Associate.

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  • Aaron M. Azelton, CFA

    Aaron M. Azelton, CFA

    Director, Public Markets & Partner

    Aaron joined Angeles Investment Advisors in 2012 and is a partner and investment officer of the firm.

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  • Derrick Cruz

    Derrick Cruz

    Director, Private Markets & Partner

    Derrick directs private capital manager research and selection and works with institutional investors to develop...

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  • William Yung

    William Yung

    Associate Director, Private Markets & Partner

    William joined Angeles Investment Advisors in 2014 and is a partner of the firm.

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Stephen T. Smetana

Stephen T. Smetana

Chief Compliance Officer & Partner

Steve joined AIA in 2008 as the Director of Funds Management and Chief Compliance Officer.

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Gina Cadei

Gina Cadei

Senior Associate, Operations & Partner

Gina executes trades for discretionary portfolios and monitors these portfolios for compliance with asset allocation.

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Tatijana Janko

Tatijana Janko

Director, Business Development

Tatijana joined Angeles Investment Advisors in 2014 to lead client development and marketing.

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  • News & Events

    News and Events News and Events

    ANGELES INVESTMENT SYMPOSIUM

    The Intersection of Politics & Investing

    Angeles Symposium on the “Intersection of Politics and Investing” occurred on October 16, 2018 in Los Angeles, CA, and was attended by Angeles clients and friends of the firm. We hope to see you again next time and have included a summary of the discussion along with a video for those who weren’t able to attend in person.

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    • FUNDfire

      FUNDfire
      Financial Times

      Och-Ziff Fights Back with Sweeping Strategic Changes
      12-12-2018

      Och-Ziff kept investors in the loop as it rolled out the changes, says Michael Rosen, principal and CIO at Angeles Investment Advisors, a consultant and advisor that invests with Och-Ziff in its credit and real estate funds.

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    • Pensions and Investments

      Pensions &
      Investments

      Current perception of industry big part of consolidation trend 11-23-2018

      The increased consolidation among traditional non-discretionary investment consultants is the result of the industry being commoditized, said Michael A. Rosen, CIO of Angeles Investment Advisors LLC.

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    ACTIVE RISK MANAGEMENT

    While capital markets are broadly efficient, they are not perfectly efficient. There are many factors besides broad market risk that a significant portion of investors will shy away from, and for which the market will therefore award a risk premium. We believe that by thoughtfully adding these risks, rather than merely adding additional market exposure, investors can create a portfolio with a higher expected return and a better risk/return profile.

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    CONCENTRATED PORTFOLIOS

    Our highest conviction investments are concentrated to have impact in client portfolios, delivering superior risk-adjusted returns over time. Our boutique size provides clients with a structural advantage allowing us to allocate our best ideas across all our client portfolios.

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    HIGHLY SELECTIVE INVESTMENTS

    Independent teams with capacity constrained strategies will outperform large firms is a belief that guides our selection process. A focus on long-term investment success places tremendous weight on operational excellence, a quality in managers we deem non-negotiable. Decades of research experience have shown that manager integrity, transparency, and culture are intangible qualities essential to our investment success.

OUR PHILOSOPHY